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blackkitten

Does anyone use Bitcoin?

Had someone offer to pay commission with bitcoin (technically litecoin) and I'm new to whole thing.

i heard its costly to do transfers these days. is it really worth it setting up a wallet for commissions?

Are there many furs using bitcoin?

(PS: xmas break starts next week. just let me get to there and will post updates on all my furry arts u guys waiting for. )
Viewed: 406 times
Added: 6 years, 3 months ago
 
JinxMcKenzie
6 years, 3 months ago
it's the new thing >_>
JustinParallax
6 years, 3 months ago
Don't. It's dodgy as fuck.
MSTR
6 years, 3 months ago
Also volatile AF. There is absolutely nothing stabilizing it aside from market forces, and with no oversight or laws regulating that market there's nothing keeping it from going completely to hell in a handbasket. Right now it's full of people basically gambling on it, hoping they can cash out at the high point before the next big crash.
Dressari
6 years, 3 months ago
I would do some research into this BEFORE you consider it. Bitcoin and virtual currency was started with a very seedy background and was primarily used on the Darkweb in the early days because it was an encrypted form of currency and difficult to trace. You don't earn Bitcoins in the traditional sense, it's all digital.

I know this stuff recently just got added to the Exchanges of currencies, but it is VERY new still and has already had one crash (I think) in terms of value. I don't believe this is a currency you can easily change into dollars or sterling, but my knowledge of the stuff ends about there.

Like Justin said, it's dodgy so be cautious.
Danjen
5 years, 12 months ago
That's not right at all. It wasn't created under seedy circumstances and instead under a legitimate specification, as a means to have a freely traded, non-regulated, and decentralized currency. Basically a way to ensure that freedom of exchange could happen in a digital world, without the intervention of authorities or taxation from (potentially corrupt) government or authorities.

Where gold or bullets were used as a currency, BTC was used as a digital equivalent. That criminal or deep net groups associated themselves with it is just a consequence of its freedon of use.
Sorvad
6 years, 3 months ago
Bitcoin fees are high mostly because the price of Bitcoin is so high, but also for some other complex reasons. I don't recommend Bitcoin unless you want to store a large amount of money for a long time, and even then I'm not confident that now is a good time to buy in.

Litecoin fees are still pretty low, though. I transferred about $95 worth of Litecoin between exhanges earlier today (to trade them for Vertcoins since that coin seems to have a lot of potential to grow over the next year) and the fee for the Litecoin move was $0.07. And then for the Vertcoin trade it was some really miniscule amount, lol.

The easiest way to get into it is probably Coinbase, though they have some small fees for each buy-in, and I'm sure a similar fee for cashing out, mostly due to the fact that you'll always have a fee of a couple bucks when you handle USD.
Sorvad
6 years, 3 months ago
Oh and if you aren't worried about money and just want to earn some coins for art to let them sit until they're more valuable (by design, Cryptocurrencies are deflationary rather than inflationary, so their value tends to increase over time), then you could just get a multi-coin wallet like Coinomi or something just to generate receiving addresses. Coinomi also has a pretty versatile exchange built into it (shapeshift.io), so you could take whichever coins, and move them into the one you think has the best growth potential, or you can diversify your holdings across more coins to manage risk.

And if you do decide to take coins, the best practice is to generate a new receiving address for each transaction. That way if you're taking multiple payments, you'll know who has paid, and who hasn't yet.
MystBunny
6 years, 3 months ago
The one time I tried coinbase, I wanted to get about $90 worth, and they wanted to charge me somewhere around $20 fee for that.
Sorvad
6 years, 3 months ago
Yeah, BTC fees are really high, that's not Coinbase, that's the BTC network. Those fees go to the miner who finds the block that contains your transaction.

I bought more Litecoin a little while ago and paid a few cents into the LTC network and about $3 to Coinbase for the card processing fee.
MystBunny
6 years, 3 months ago
Ah I see so the fee isn't always the same?
Sorvad
6 years, 3 months ago
Coinbase's own fees vary between payment methods, but the greatest differences in fee value are usually going to be in the Crypto networks themselves.

As I understand it, the fees are basically determined based on network volume and coin value, along with some parameters embedded into the coin itself. There are minimum values that can be moved (independent of the USD price), so when a coin has an astronomical price like BTC does, then that can affect fees and make transactions expensive and inconvenient, since then you're dealing with high fees and high minimum transfers.

I believe the sender can actually choose how much of their total sent should go to the miner as their fee, but miners get to pick which transactions to add to their blocks, so if you aren't offering a high enough fee, your transaction won't go through.

Different coins have different parameters, and of course different levels of adoption and interest, which means different prices, different fees, different everything.
trigger12
6 years, 3 months ago
Like all it's ideological company, it is a scam. I've heard the bubble popped on it too.
Faren
6 years, 3 months ago
If by popped you mean it's now at 1 btc = 16437.8 usd. Its value is still raising, and it is not a scam.
BrassKnuckleTime
6 years, 3 months ago
It's not worth it. I've had bitcoin for a long time and the value fluctuates wildly. It's true it's seen a great market surge. It's worth 10 or so times what it was worth last year. But it's already had 3 crashes this year. One just last week.

You could make a small fortune but lose it all in a day if the value tanks. Better to just get paid in a regular currency. If you really want to invest that money wisely buy Samsung stock or Berkshire class b stock
C1de
6 years, 3 months ago
Bitcoin will probably go away as soon as gold backed bills pop out in America.
So basically its useful for a brief amount of time.
someone will argue its not fiat currency
Andybanez
6 years, 3 months ago
its still the most edgy bleeding edge thing even conceived currently, i would wait at least a couple years to give it a go (given their value won't rise again ,which will happen unfortunately)
SuperSquirrel
6 years, 3 months ago
Cryptocurrency in general has had a lot of backers and naysayers since its inception. Someone tried to start Furrycoin back in 2014, but since CC in general was highly controversial at the time, it died rather quickly.

All in all, other posters have covered most of the important information. Until last month, prices on Bitcoin itself were pretty steadily on the rise. The last month or so the prices have been very volatile due to massively increased political interest. It's also worth noting Bitcoin itself just started getting traded on wall street (according to my uncle).

I would recommend doing your own research on this and deciding if it's worth the risk for you. Personally i prefer cash as it's immediately usable anywhere without waiting on a 3rd party to buy it or agree to trade it.
macavity
6 years, 3 months ago
I wouldn't recommend it
Faren
6 years, 3 months ago
I use bitcoin... Im not moving them anywhere though so I wouldn't know what it costs
Zippo
6 years, 3 months ago
I mined about 550.0BTC back when it first started, had to network a few pc's to do it for months when overclocking their cpus, was a fun project, and the files are currently in an rar file on some cloud service when I need to get to it, but thats all it was, a project that yielded nothing. It may be a big deal now or something, eh, but I dont care, itll fizzle out like all the other crypto currency bs. Dogecoin? cmon, they even put it on the hood of an actual nascar in an official race with that dog staring at you. idiots...

The net user who paid you in that form basically got something for free from you that they should have paid for in real currency. Lesson learned?
Faren
6 years, 3 months ago
If you sold that many bitcoins today you would have 9,040,790 Dollars... So if you abandoned it early I can understand you being angry at the currency.

edit: sorry didn't notice you said you still have the bitcoins. I guess you just don't care about 9 million dollars.
Zippo
6 years, 3 months ago
Eh, its still worthless as it is intangible. Bet you could use that file url though huh. Then you can have it, personally I think its just alot of trouble thats worth nothing. Im not stupid, just dont care.
Faren
6 years, 3 months ago
Yup, please pm it to me. Or better through discord or skype.
cincizra
6 years, 3 months ago
" Zippo wrote:
in an rar file on some cloud service


lol sounds like a virus

I wouldn't touch that on any machine that I store a wallet on. Still worth checking out on an old laptop tho.
Faren
6 years, 3 months ago
Don't worry, I wasn't going to, but thanks for the heads up.
cincizra
6 years, 3 months ago
Okay, it just sounded like one of many "I just lost all my Bitcoins" stories in the making, with a bit more "Nigerian prince needing help transferring money" vibe than usual. By the way, sarcasm and irony don't translate well over the Internet; and it's not that far out for someone to have a bunch of Bitcoin right now, tell themselves that it's a scam/bubble, and then legitimately not think of it as a real/useful/valuable asset.
Sorvad
6 years, 3 months ago
Lol, did you really just casually give away over 500 BTC?

If you haven't given it away yet, send half to me first LOL:

1BE9VQLARqsCPskN4jcSYmvyjXX98q6mdS
Faren
6 years, 3 months ago
<.<
LobaDeLaLuna
6 years, 3 months ago
You can use Virwox to transfer it to a paypal
Nech
6 years, 3 months ago
uh ya actually some banks are already converting BTC to USD or as a direct deposit to your checking
so def not worthless....
i keep wondering where these ideas that cyrpto currency is useless or seedy as a whole are coming from; if multiple credit unions and banks are accepting it as a deposit source i dont think its useless or a short lived idea
LunarFlare
6 years, 3 months ago
It can't be that much of a pain to convert it into a heap of valuable and tangible dollars though.  :p

To a lot of people, bitcoin is serious business, and lots of people have paid lots of money for it.  Not me of course, its in a silly state right now that makes using it like a normal currency a pain.  But if you sriously have 550 btc then you seriously have millions of dollars worth.
lolwulf1234
6 years, 3 months ago
it can be volitile but read up on it and you will be able to make your own oppinion i trade in bitcoin myself and for me i see it was a reasonable buissness to do but others seem to think its too volitile as it can get scechy if not done correctly
KimbaLion
6 years, 3 months ago
to expensiv ^^
Bubbaclaw
6 years, 3 months ago
Don't waste your money.
kadeathnas
6 years, 3 months ago
i would want to start use bitcoins.. satoshis... that would be the new world money, just some people have fear that dollars become the second world money heheheh
Fldst
6 years, 3 months ago
Value of bitcoin highly volatile.  Right now in the US it's more of a stock rather than a currency.  It's inflating in value into a bubble that will burst eventually.  There's just too much risk with more than just the value of it being unstable.  Don't do it.
LobaDeLaLuna
6 years, 3 months ago
If you use Virwox to accept bitcoin purchases make sure the client pays the fee difference, I accept bitcoin but I cash out as soon as I get ir
sonicrainboom
6 years, 3 months ago
Risky
ariedren
6 years, 3 months ago
No.
Bitcoin and the like are a highly volatile currency that not a lot of people use.  I don't know how much it costs to set up a wallet, but i do know that the currency itself is expensive.
jacky
6 years, 3 months ago
Nothing, its free to make a wallet and it will entirely exist on your computer(or a piece of paper as long as you have the private key)
GreenFur
6 years, 3 months ago
Word on the street is that after the first of the year (probably Q1 2018) will see the IMF (International Monitary Fund)  move to recind the USDollar as the world reserve currance in favor of their own SDR's (Special Drawing Rights) wich will have a chaotic  effect on the purchasing power  of the USD not unlike when the BPS (British Pound Sterling) was replaced by the UDS as world reserve currance. study what happened to the brittish ecconomy when that happened for a preview of what we may be in for

"Those who do not learn from history are Doomed to Repete it"

Forwarned is Forearmed...
--GF
Xial
6 years, 3 months ago
I was big on crypto years ago.
If you're wanting to make sure you are getting what you want to be paid, cash it out immediately and do not hold the coin. As mentioned elsewhere, volatility is a big thing. Not as big on Litecoin, sure, but when a stone falls...
Linukqi
6 years, 3 months ago
I use bitcoins, but a lot of inkbunny users do not use it because of fear and ignorance. That's why I can not buy/sell art using bitcoin. But maybe you are lucky.
jacky
6 years, 3 months ago
Litecoin? yea thats fine, it doesnt have the insane transaction fees bitcoin does atm, you can either cash it out straight away or sit on it for a while and have it increase in value some
LunarFlare
6 years, 3 months ago
There are a few artists I know who offer it, but as far as I know none of them have actually gotten any business from it, hahah...

For a lot of people including me, bitcoin is a little too daunting to get into.  The "easy" way to do it is to use an online wallet, but those get hacked left and right, and from what i hear the network itself is congested so transfers are slow and costly.  

With the price swinging around like it is, to me it seems like its only purpose is for either converting to other crypto's or for those with ice in their veins and a lust for riches.  Hopefully it will stablize soon enough so I can actually feel comfortable owning it for more than a day at a time.

If you want to start offering it though, I'd also suggest offering to take payments in litecoin or something similar.  Its popular enough that you should be able to (somewhat) easily convert it to any other crypto currency or traditional cash.  Etherium is popular also but I know little of it.  Ultimately none of these are actually popular within the furry world, it hasn't caught on here yet.

My advice is find your nearest crypto nerd and use them kindly ask them for help.  :p
allaun
6 years, 3 months ago
If you do decide to use any type of cryptocurrency, Make sure to keep documentation for taxes. As far as the IRS (if you reside in the united states) is concerned, it is a taxable item. But like everyone here says, you take a risk if you accept it. Consider it like trading stock or a poker game. Never invest more than you are willing to lose.
cincizra
6 years, 3 months ago
Bitcoin transaction fees are about 0.1% of a Bitcoin. So if a Bitcoin is worth $20,000, then there's about a $20 fee on each transaction. Literally every other cryptocurrency has smaller transaction fees. If you accept crypto, I recommend either cashing out immediately or holding for over a year. Medium-term, it's just too volatile, no matter which year/month/currency you're working with.

Short-term speculation is how people lose money on it. That, and less-than-paranoid security (e.g., never trust exchanges or "online" wallets for storage, get a hardware wallet, never use the same device for both cryptocurrency transactions and anything else, and keep the device that stores your wallets and signs transactions completely offline). But, if you manage to hold onto a chunk of kinda mainstream cryptocurrency for a few years, then you'll probably be in much better shape that today's impatient speculators.
kilorat
6 years, 3 months ago
So many haters in this thread!
You can accept Bitcoin payments without having to even ever have Bitcoin by using something like bitpay.com. you give people a payment url, and bitpay gives you dollars. All the risk of price fluctuations, and transaction fees are on the person sending the Bitcoin, not you.
The original dream of Bitcoin was very low fees to send, but it's gotten so popular that its $10 sometimes (it's per transaction, you could send a million dollars for same amount).
Owndapwn
6 years, 3 months ago
Bought my car and a motorcycle with it. Gear up to buy a second car, or another motorcycle. Just understand it's an investment medium at this stage, and understand all investments come with risks. But I've got about $3k right now, and put in $200 over this last year.
I got in at the very start. I've gone through every "crash" and bubble. I'm still very far in the black. To be fair, I got in when BTC was $2, and got into LTC when it was $0.05.
Would I trust it? Yes. I don't have a savings account with a fiat bank anymore. Checking account, and crypto portfolio.
I use wex.nz mostly, but Coinbase should cover everything you need from it. To be honest, I've been thinking of migrating everything to CB.
blackkitten
6 years, 3 months ago
Just bought 50$ of bitcoin and 50$ of ethereum today. Just spare cash i dont mind losing in worst situation. But everyone talks CoinBase... Maybe give them a try.

I doubt I'll get deep enough to go that far. But sounds fun. Will keep my day job lol.
Owndapwn
6 years, 3 months ago
Yea, I still work full time, don't get me wrong. I just trust it enough to save for a car with it. Saving for a built-to-spec Fiat 500 Abarth. Maybe an XSR900, if things don't pan out that well.
I've driven cars worth well over $100k, and that little Fiat was the most fun, and the only one I really want to own. R35 GTR, C7 ZR1, Viper TA, Lexus RCF, BMW M4, M2, Z4M, Mazda MX5, WRX STI, Z28 Camaro, Hellcat Charger, Merc G550, Alfa 4C. That Fiat was the one I wanted to own. Don't hate on the little guy lol
But I started using Wex back when it was BTCe, before Coinbase was an option. I use Coinbase to get USD to BTC, and then move the BTC to Wex, but I'm thinking I'm just going to start keeping it either in Coinbase or an offline wallet. If you want to start taking commissions in it, that's great and I think you should strongly consider it, but maybe put a value cap, either a minimum or maximum value, on it, and expect to not have the funds as a fluid asset to be spent on bills.
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